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Spark New Zealand Limited Message Board

  • pgolda1 pgolda1 Apr 6, 2013 2:26 PM Flag

    Telecom New Zealand’s (NZTCY) ADR cancellation fees waived until 5 July 2013 to assist with Telecom’s deregistration process

    Anyone can tell what will happend if you cancel the ADRs? I hold the ADRs in TDAmeritrade. It says something that the holder will receive ordinary shares. Does that mean I will receive shares traded on NZ exchange?

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    • Sell while you can. You don't want ordinary shares. Plus the company will provide less information.

    • The way I understand it is that if you choose to convert, you will receive 5 ordinary shares for each ADR you currently own - that will trade under the symbol NZTCF. so you can track it on Yahoo or wherever. It will trade on the" pink sheet" - according to my broker. BNY Mellon was no help other than to say the dividend would be paid in NZ currency and, I'm assuming, converted to $US .
      I emailed NZTCY to get more info on taxes, dividends and fees. Will post here if I get any response. If anyone gets answers before I do - please post - would greatly appreciate it.

      • 1 Reply to j_jwhale
      • The term "ordinary shares" as opposed to an ADR shares leaves me puzzled. Currently this stock is already trading on the pinksheet. It looks like the company will get off the "sponsored ADR" to a "unsponsored non-US company ADR" still trading on the pinksheet. What we have to watch for its new stock symbol. If Its new symbol still ends with letter Y, it still would trade on the pinksheet. Otherwise, it is not trading anywhere in the US markets.

    • breck80424 Apr 9, 2013 12:19 PM Flag

      The letter from NZTCY seems to indicate that if "not enough ADRs are converted" that remaining ADR's will be either be "invoiluntarily" converted to regular shares or sold for cash (apparently at the ownersw choice).

      The converse of the above seems to indicate that if "enough" ADRs are converted, that remainjing ADR owners will be able to keep their ADRs.

      • 2 Replies to breck80424
      • PGOLDA1: I doubt TDAmeritrade will convert your shares to NZ shares as they are not likely to be authorized to broker NZ stocks. Most likely you are going to get cashed out.

        The real question is (and I hope someone has a good answer to this): Is it better to wait and be part of the "cash out" or "get out now"?

        My hunch is that the price at which the stock is cashed out must be reflective of an average price of the stock over a given period. In other words, this might have a stabilizing effect on the current share price. Again, this is a hunch and I would be grateful for any knowlegable insight.

      • I guess we will have to wait and see and now there will be additional fees.

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